The members of the British band were huge fans of Bowie and his song "Five Years", which they will perform virtually as part of the "A Bowie Celebration: Just For One Day" event, which begins at 9 pm ET.
The cover is already available to download, and Duran Duran frontman Simon Le Bon admits the track is very important to him.
"My life as a teenager was all about David Bowie," he says. "He is the reason why I started writing songs. Part of me still can't believe in his death five years ago, but maybe that's because there's a part of me where he's still alive and always will be."
"When we got the Ziggy Stardust LP and put the needle in the groove, our first taste of its perfection was the song Five Years. I can't begin to explain how honoured I feel for Duran Duran to be given the opportunity to perform (for) this icon, and to place our name alongside Bowie's for this commemoration of his music."
The "Just For One Day" celebration will mark Bowie's 74th birthday and the fifth anniversary of his death.
Duran Duran will be performing "Five Years" live in what is set to be a spectacular and groundbreaking cinematic virtual experience. They'll be joined by The Cult frontman Ian Astbury, Gary Barlow, Perry Farrell, Peter Frampton, Boy George, and Gary Oldman, among others. The livestream will be available here: http://www.abowiecelebration.com/.